USDJPY – Down Wave Analysis This pair is currently trading with an increasing upward momentum. We expect to continue long with the impulsive wave 5 to the upperside but should not go beyond the resistance level 106.18, any clear breakout above this target may push the price further to the upperside. Any clear indication that wave 5 has ended below 104.31 may culminate into a truncated 5th wave. Expect a similar rally in NZD/JPY and CAD/JPY. These pairs have a strong positive correlation of up to +0.80 and will have a similar price action during this intraday. Trade Recommendations: We are long with an ideal target at 106.18.
You may check other analytical reviews on the web-site of FreshForex company. Source: freshforex.com.
https://freshforex.com/analitics/fresh-forecast/forex-correlation-and-Elliott-wave-analysis/issue_83092.html?utm_source=rssfeed&utm_medium=rss&utm_campaign=rssnews&ff_mrk=rss&aff=64063
